Fannie Mae lands at Plano's Granite Park

The Federal National Mortgage Association, better known as Fannie Mae, has picked a location in Plano to house a regional multi-office consolidation that reflects the shift in a mortgage industry that is grappling with fewer mortgage delinquencies.

Instead of three locations in the North Dallas corridor totaling about 450,000 square feet, Fannie Mae plans to occupy a single, 300,000-square-foot regional office in the Granite Park multitenant office park in Plano at the southeast Dallas North Tollway and Sam Rayburn Tollway.

"We will be consolidating to reduce the cost of space in Dallas, while being in one place that allows us to work more efficiently and effectively together," Fannie Mae spokesman Andrew Wilson told the Dallas Business Journal on Tuesday.

"This will allow our teams to work better together, which is important because Dallas is a pretty significant hub for the mortgage industry," Wilson added. "This will be an important location for us."

Dallas television station WFAA/Channel 8 first reported the announcement about the conclusion of Fannie Mae's real estate search Tuesday night.

Washington, D.C.-based Fannie Mae has been searching for real estate for more than six months for a new operations center for fewer than 2,000 North Texas employees.
Randy Cooper and Craig Wilson of the newly-merged Cushman & Wakefield are helping Fannie Mae with its real estate search.

Greg Fuller of Plano-based Granite Properties said he couldn't comment about the deal.

Fannie Mae's three leases in North Texas are set to expire in the next several years. Wilson said the three locations won't consolidate into the one office site until early 2018.

"Our teams we have here are a very important part of our work in the area of mortgage servicing," he said. "They are working with borrowers that are struggling and this is really important work that we are excited to be able to have in one place and reduce our overall footprint."

Granite Properties has been expanding its Plano office campus for the past year. It includes a new Hilton-flagged hotel and a boardwalk-style restaurant development. (1/5/2016)